Which of the following is NOT an example of an explicit cost?
A. The overtime wages paid to workers.
B. The salaries paid to the managers who help run the business.
C. The income the owner could have earned in his or her next best employment opportunity.
D. The rent the owner pays each month to lease office space.
Answer: C
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Which of the following statements best describes relative inflation?
a. If the country Economia experiences a relatively low inflation rate compared with other economies, then the buying power of its currency is eroding, which will tend to discourage anyone from wanting to acquire or to hold the currency. b. If the country Economia experiences a relatively high inflation rate compared with other economies, then the buying power of its currency is eroding, which will tend to discourage anyone from wanting to acquire or to hold the currency. c. If the country Economia experiences a relatively high inflation rate compared with other economies, then the buying power of its currency is increasing, which will tend to discourage anyone from wanting to acquire or to hold the currency. d. If the country Economia experiences a relatively low inflation rate compared with other economies, then the buying power of its currency is increasing, which will tend to discourage anyone from wanting to acquire or to hold the currency.
The main proponent of the liberal view of poverty is
A. Charles Murray. B. William Julius Wilson. C. Nicholas Lemann. D. David Rogers.
Nearly half of federal government research and development spending takes place in the
A. National Science Foundation. B. National Aeronautics and Space Administration (NASA). C. Department of Defense. D. Federal Office of Technology Policy.
A tax imposed on imported goods is a:
A. Tariff. B. Nontariff barrier. C. Quota. D. Supply restriction.